VST Industries Ltd

₹ 3,090 0.89%
Jan 27 9:58 a.m.
About

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)

Key Points

Leading Cigarette Manufacturer[1]
Founded in the year 1930, VST Industries got its name through its founder Vazir Sultan and now they are the third-largest player in the Indian Cigarette Market with over 90 years of operations. The market share of VST Industries stands at 9% [2] in the legal cigarette market and 5% in the overall cigarette market in terms of value.

  • Market Cap 4,771 Cr.
  • Current Price 3,090
  • High / Low 3,895 / 3,035
  • Stock P/E 15.6
  • Book Value 586
  • Dividend Yield 3.68 %
  • ROCE 48.3 %
  • ROE 36.0 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.72%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 38.04%
  • Company has been maintaining a healthy dividend payout of 57.87%

Cons

  • The company has delivered a poor sales growth of 4.70% over past five years.
  • Promoter holding is low: 32.16%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
273 305 299 344 292 246 300 287 278 275 272 329
191 190 203 235 197 146 187 187 180 183 167 220
Operating Profit 81 115 96 108 95 99 113 100 98 92 104 109
OPM % 30% 38% 32% 32% 32% 40% 38% 35% 35% 33% 38% 33%
Other Income 11 12 12 11 12 12 15 9 6 9 10 10
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 11 9 9 10 13 9 9 9 8 6 7 8
Profit before tax 81 118 99 109 94 102 119 100 97 95 107 111
Tax % 34% 36% 23% 25% 25% 26% 25% 26% 25% 26% 26% 25%
Net Profit 53 76 76 81 71 76 89 74 73 70 80 83
EPS in Rs 34.34 49.01 49.42 52.77 45.73 49.03 57.34 47.73 47.16 45.62 51.73 53.57

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
471 578 684 669 789 836 883 922 948 1,099 1,239 1,111 1,154
402 446 475 488 571 594 646 675 654 746 825 700 750
Operating Profit 69 132 210 180 218 243 237 248 294 353 415 411 404
OPM % 15% 23% 31% 27% 28% 29% 27% 27% 31% 32% 33% 37% 35%
Other Income 34 27 26 26 32 18 20 20 25 39 47 42 36
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 18 24 25 22 27 32 31 37 39 41 42 35 29
Profit before tax 86 135 211 184 224 229 227 231 279 351 420 417 410
Tax % 27% 30% 32% 31% 33% 33% 32% 34% 35% 35% 28% 26%
Net Profit 62 95 143 126 150 152 153 152 182 227 304 311 306
EPS in Rs 40.18 61.53 92.29 81.76 97.24 98.57 99.15 98.13 117.79 146.90 196.93 201.26 198.08
Dividend Payout % 75% 73% 70% 76% 72% 71% 71% 76% 66% 65% 52% 57%
Compounded Sales Growth
10 Years: 7%
5 Years: 5%
3 Years: 5%
TTM: 3%
Compounded Profit Growth
10 Years: 13%
5 Years: 17%
3 Years: 20%
TTM: -1%
Stock Price CAGR
10 Years: 10%
5 Years: 5%
3 Years: -1%
1 Year: -13%
Return on Equity
10 Years: 39%
5 Years: 36%
3 Years: 38%
Last Year: 36%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
15 15 15 15 15 15 15 15 15 15 15 15 15
Reserves 232 249 275 289 313 331 355 524 567 649 772 925 889
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
310 374 421 439 427 479 457 259 482 541 610 545 589
Total Liabilities 557 639 711 744 755 826 827 798 1,064 1,205 1,397 1,486 1,493
133 152 163 175 209 198 174 220 195 213 187 173 162
CWIP 7 0 0 0 0 0 41 1 34 0 13 33 36
Investments 190 171 224 199 181 171 162 174 416 575 753 887 850
227 315 324 370 365 457 450 403 419 416 444 393 445
Total Assets 557 639 711 744 755 826 827 798 1,064 1,205 1,397 1,486 1,493

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
53 85 151 118 130 118 132 146 420 290 331 286
-5 -8 -63 9 -18 3 -24 -18 -264 -148 -155 -144
-55 -54 -81 -117 -113 -126 -130 -130 -139 -144 -177 -159
Net Cash Flow -7 23 7 10 -1 -6 -22 -2 17 -2 -0 -17

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 11 8 7 13 4 5 5 5 11 5 5 5
Inventory Days 250 301 282 288 255 336 316 257 196 187 182 226
Days Payable 225 41 56 62 48 71 54 44 45 55 87 100
Cash Conversion Cycle 36 268 233 239 211 270 267 218 162 137 99 131
Working Capital Days -78 -70 -80 -74 -54 -32 -18 43 -44 -58 -63 -58
ROCE % 35% 50% 71% 58% 69% 65% 58% 51% 50% 56% 58% 48%

Shareholding Pattern

Numbers in percentages

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16
8.87 8.77 7.84 6.81 5.47 4.64 3.57 3.25 2.80 2.41 2.14 1.81
17.88 18.30 18.54 16.69 15.53 15.61 17.05 17.27 17.54 17.27 16.19 16.28
41.09 40.77 41.46 44.34 46.84 47.59 47.22 47.32 47.50 48.16 49.31 49.55
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20 0.20

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